Safaricom planning to introduce M-Pesa in additional markets by year end

Safaricom’s CEO Bob Collymore has revealed that the East African telecoms giant plans to introduce its M-Pesa service in at least one other market by the end of the financial year in March.

“By full year, we’ll be able to give you at least one market,” said Collymore during an interview in Kenya’s capital Nairobi. The CEO was speaking after Safaricom posted a 20% rise in H1 profit.

“Everyone fixates on Ethiopia, which I think is not helpful. There are other markets that might come up before Ethiopia,” he added.

Safaricom’s M-Pesa mobile money service is already available in six other markets outside Kenya including the Democratic Republic of Congo, Ghana and Tanzania, and is used by 34.7 million customers globally, according to a latest annual report by parent company Vodafone.

The sale of a 35% stake to JSE-listed Vodacom Group last year has allowed Safaricom greater freedom to expand M-Pesa into new sub-Saharan African markets.

“There’s no end to African markets that could do with mobile money,” Collymore said.